So what's going to happen to Apple? The regulatory experts at Stifel Nicolaus -- analysts Rebecca Arbogast and George Askew -- just weighed in with a report.

In summary:

Apple has legitimate reasons to justify both of their policies. "In each case, antitrustauthorities will need to assess whether exclusionary policies are justified as robust competition, or cross a line into anticompetitive conduct."

It's too early to tell what's going to happen to Apple, because how developers and advertisers react is an important step in the process.

Also important: "...whether there are any company documents that articulate an anticompetitive agenda, as there were in the government's investigation of Microsoft."

The analysts' preliminary view is that it is unlikely the DOJ/FTC will bring an antitrust suit against Apple.

But, Apple is walking a fine line, and will be increasingly scrutinized by the government. Each time provides additional risk for regulation.